THE National Insurance Scheme (NIS) has increased its minimum pension in wake of the 2013 wages and salary increases in the public service.Head of the Presidential Secretariat Dr. Luncheon noted that according to 2013 NIS Status Report, $19, 717 is now the smallest pension that could be paid to any eligible pensioner.
He noted that according to the report, among other increases in benefits and benefit-related indices, is that the insurable earning ceiling has been increased to $158,159.
The insurable earning ceiling is the limit under which the contribution rate is applied for the compilation of a person’s NIS contribution.